Press Release
July Record Month for gC ICE Newcastle Futures
LONDON AND SINGAPORE - 5 August 2009
globalCOAL announced today that the gC ICE Newcastle Futures contract reached a new all time record in July 2009 with 6,620 lots (equivalent to over 6.6 million tonnes of coal) cleared via ICE Clear Europe.
Traded volume in the recently launched contract has grown steadily since its introduction in December 2008. The July record represents 36% growth on last month's volume, and a 10% increase on the previous record of 6,010 lots established in May 2009.
Open interest in the Newcastle Futures contract totalled 10,980 lots (just under 11 million tonnes of coal) at end of month - representing an average monthly growth of 17% in 2009.
Eoghan Cunningham, CEO of globalCOAL, said: "It is also interesting to see a pronounced shift towards the calendar contract as 75% of July's Newcastle volume transacted as calendar strips. This is a strong indicator of traders' confidence in the contract's long-term resilience and liquidity."
ICE Futures Europe's coal Futures offering currently consists of three financially-settled Futures contracts for Rotterdam, Richards Bay and Newcastle - the only actively traded international coal Futures contract worldwide.
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